CoinEx Shuts Down Exchange by December 22 Amid Regulatory Costs
In brief
- CoinEx winds down September 15, fully closes December 22, 2024.
- Weak markets, declining liquidity, and regulatory costs drove the shutdown decision.
- CoinEx Wallet and Vault services continue operating independently post-closure.
- Users can withdraw all assets by December 22; remaining USDT moves to custody with 5% monthly fee.
Shutdown timeline and service closures
The platform will stop accepting new registrations and new orders for fiat, margin trading, loans, Earn, and staking on September 15. Non-spot services will end on September 22, while spot trading will cease on September 29. Withdrawal services will remain open through December 22 despite the shutdown of other services.
CoinEx will also shut down CoinEx Smart Chain and OneSwap and repurchase all remaining CET tokens in user accounts at 0.005 USDT per CET.
Why CoinEx is closing
The company said the decision was made due to weaker market conditions, declining industry trading activity and liquidity, higher regulatory requirements, and rising compliance and operational costs. These pressures reflect broader industry headwinds as regulators worldwide tighten oversight of crypto trading platforms.
Asset protection and custody arrangements
CoinEx maintains reserves above 100% and users can withdraw their assets in full during the wind-down period, the exchange stated. CoinEx Wallet and CoinEx Vault are independent services and will not be affected by the exchange shutdown.
After December 22, unwithdrawn USDT will be moved into independent custody and incur a monthly custody fee equal to 5% of the original asset balance. Users who don't withdraw before the deadline face ongoing charges on assets held in custody.
CoinEx's closure follows a pattern of high-profile exchange exits. BitMEX, co-founded by Arthur Hayes, will shut down by the end of this month following 11 years of operations. The combination of regulatory pressure and market consolidation continues to reshape the competitive landscape for centralized trading platforms.
